Group 1 - The report highlights the recent issuance of a notification by the National Development and Reform Commission and the National Energy Administration to improve the capacity pricing mechanism for power generation, which aims to adapt to the needs of the new power system and market structure [6][9]. - As of the end of 2025, China's cumulative installed capacity of new energy storage is expected to reach 213.3 GW, representing a year-on-year growth of 54%. The market share of lithium-ion batteries in new energy storage is projected to increase significantly from 8.2% at the end of the 13th Five-Year Plan to 65.8% by the end of the 14th Five-Year Plan [12][19]. - The report identifies 13 core companies in the energy storage industry chain listed on the Beijing Stock Exchange, including Changhong Energy, Haixi Communication, and others, which are involved in various aspects of energy storage technology and products [28][29]. Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry on the Beijing Stock Exchange has decreased from 37.1X to 35.9X, with the median market capitalization dropping from 27.2 billion to 24.2 billion [31][32]. - The report notes that the median P/E ratio for electronic equipment companies on the Beijing Stock Exchange has declined from 65.8X to 61.1X, indicating a shift in market valuation trends [31][32]. - The report indicates that the median P/E ratio for mechanical equipment companies has decreased from 44.6X to 42.3X, reflecting changes in investor sentiment and market conditions [31][32].

湖南五新隧道智能装备股份有限公司本次向特定对象发行股票总额为 126,896,173 股，其中有限售条件流通股 126,896,173 股，无限售条件流通股 0 股。本次向特定对象发行新增股票将于 2026 年 2 月 5 日在北京证券交易所上市 并公开交易。 本次发行相关文件公司已在北京证券交易所指定信息披露平台（www.bse.cn） 上披露，供投资者查阅。 证券代码：920174 证券简称：五新隧装 公告编号：2026-003 湖南五新隧道智能装备股份有限公司 向特定对象发行股票上市公告书 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 特此公告。 湖南五新隧道智能装备股份有限公司 董事会 2026 年 1 月 30 日 ...

证券代码：920174 证券简称：五新隧装 公告编号：2026-004 湖南五新隧道智能装备股份有限公司 关于本次交易相关方出具的重要承诺 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 湖南五新隧道智能装备股份有限公司（以下简称"公司"）发行股份及支付 现金方式购买湖南中铁五新重工有限公司 100%股权和怀化市兴中科技股份有限 公司 99.9057%股权并募集配套资金暨关联交易（以下简称"本次交易"）事项， 已于 2025 年 12 月 19 日收到中国证券监督管理委员会批复，并于 2025 年 12 月 25 日完成本次交易涉及标的资产过户手续。 现依据《北京证券交易所上市公司重大资产重组业务指引（2025 年修订）》 相关规定披露本次交易相关方出具的重要承诺，具体如下： 承诺主体 承诺事项 承诺内容 上市公司 关于提供资料真 实性、准确性和完 整性的承诺 1、本公司已向本次交易服务的中介机构提供了本公司有关 本次交易的相关信息和文件（包括但不限于原始书面材料、 副本材料和口头证言等）。本公司保证所 ...

证券代码：920174 证券简称：五新隧装 公告编号：2026-002 湖南五新隧道智能装备股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易之发行结果暨股本变动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 资产过户情况 本次发行股份及支付现金购买的标的资产已于 2025 年 12 月 25 日过户登记 至公司名下，公司现持有湖南中铁五新重工有限公司 100%股权、怀化市兴中科 技股份有限公司 99.9057%股权。 一、本次发行概况 （一）本次发行已经履行的决策及批准程序 重要内容提示： 发行数量和价格 股票种类：人民币普通股（A 股） 发行价格：17.95 元/股 发行数量：126,896,173 股 预计上市时间 公司本次向各交易对方发行股份总额为 126,896,173 股，其中有限售条件流 通股 126,896,173 股，无限售条件流通股 0 股。本次向各交易对方发行新增股份 将于 2026 年 2 月 5 日在北京证券交易所上市并公开交易。 截至本公告披露日，本 ...

证券研究报告 公司深度（R4）- 五新隧装(920174.BJ) 机械设备 ｜ 工程机械 布局高景气增量赛道，并购协同成长 | 2026 年 01 月 27 日 | | | | --- | --- | --- | | 评级 | 增持 | | | | 评级变动 | 维持 | | 交易数据 | | | | 当前价格（元） | | 47.98 | | 52 周价格区间（元） | 25.46-82.27 | | --- | --- | | 总市值（百万） | 4318.62 | | 流通市值（百万） | 4174.30 | | 总股本（万股） | 9000.87 | | 流通股（万股） | 8700.08 | 涨跌幅比较 | | 五新隧装 | | 工程机械 | | | --- | --- | --- | --- | --- | | 248% | | | | | | 198% | | | | | | 148% | | | | | | 98% | | | | | | 48% | | | | | | -2% | | | | | | 2025-01 | 2025-04 | 2025-07 | 2025-10 | 2026-0 ...

Group 1 - In the past month (from December 27, 2025, to January 26, 2026), a total of 18 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Xingchen Technology being the most notable, attracting 31 participating institutions [1] - Among the 18 companies, 16 were researched by brokerages, 11 by funds, 5 by private equity, and 4 by insurance companies [1] - The companies that received the most attention from institutions include Tietuo Machinery, Wuxin Tunnel Equipment, and Jikang Technology, with 27, 23, and 16 participating institutions respectively [1] Group 2 - The average market capitalization of all companies on the BSE as of January 26 was 3.327 billion yuan, while the average market capitalization of the companies that received research was 4.205 billion yuan [2] - The companies with the highest market capitalization among those researched include Kaifa Technology, Fujida, and Jinhua New Materials [2] - The average stock price increase for the researched companies over the past month was 5.46%, with notable gainers including Tianrun Technology, Tairis, and Fujida, which saw increases of 24.61%, 18.46%, and 13.52% respectively [1][2]

Core Viewpoint - Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. has received approval for the acquisition of 100% equity of Wuxin Heavy Industry and 99.9057% equity of Xingzhong Technology, enhancing its competitive edge in the energy infrastructure, mining, port, and overseas markets [1] Group 1 - As of January 16, 2026, Wuxin's stock closed at 49.89 yuan, up 2.13% from the previous trading day, with a total market capitalization of 4.491 billion yuan [1] - The stock opened at 48.73 yuan, reached a high of 50.89 yuan, and a low of 48.73 yuan, with a trading volume of 1.87 billion yuan and a turnover rate of 4.29% [1] Group 2 - The company held an online investor relations event on January 15, 2026, to announce the completion of the asset transfer on December 25, 2025 [1] - Xingzhong Technology reported revenue of 1.029 billion yuan and a net profit of 191 million yuan for the first nine months of 2025, while Wuxin Heavy Industry reported revenue of 325 million yuan and a net profit of 63 million yuan during the same period [1] - The company is advancing the share issuance registration process and plans to enhance overall competitiveness through synergies in procurement, sales, research and development, and production [1]

证券代码：920174 证券简称：五新隧装 公告编号：2026-001 湖南五新隧道智能装备股份有限公司 一、投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 二、投资者关系活动情况 活动时间：2026 年 1 月 15 日 活动地点：线上交流会 参会单位及人员：中信证券股份有限公司、青岛城投城金控股集团有限公司、 前海中船股权投资基金管理有限公司、财信证券股份有限公司、西南证券股份有 限公司、上海毅远私募基金管理有限公司、江苏银创资本管理有限公司、上海尚 颀投资管理合伙企业（有限合伙）、山证（上海）资产管理有限公司、广东瑞信 投资有限公司、青岛鹿秀投资管理有限公司、上海盛宇钤晟投资管理有限公司、 南昌产投投资基金管理有限公司、天津津融卓创投资管理有限公司、湖南轻盐创 业投资管理有限公司、福建银丰创业投资有限责任公司、东兴证券股份有限公司、 常州金融投资集团有限公 ...

Summary of Key Points Core Viewpoint - On January 8, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.021 billion shares, with a total transaction value of 26.204 billion yuan, reflecting a decrease of 1.419 billion yuan compared to the previous trading day. A total of 198 stocks closed higher, indicating a positive market sentiment despite the overall decline in transaction value [1]. Trading Performance - The number of stocks that closed higher was 198, accounting for 69.23% of the tradable stocks. The top gainers included Tianrun Technology, Liancheng CNC, and Zhongcheng Technology, with increases of 22.29%, 18.52%, and 12.32%, respectively [1]. - Conversely, 81 stocks closed lower, with the largest declines seen in Jiaxian Co., Hengtong Light, and Jinhao Medical, which fell by 6.39%, 6.10%, and 4.56%, respectively [1]. Transaction Details - A total of 72 stocks had transaction values exceeding 100 million yuan, with Tianli Composite, Hengtong Light, and Binhang Technology leading the way at 1.207 billion yuan, 880 million yuan, and 647 million yuan, respectively [1]. - The trading activity was characterized by a high turnover rate, with 38 stocks having a turnover rate exceeding 10%. Among these, 6 stocks had turnover rates exceeding 20% [1]. Stock Activity - The stocks with the highest turnover rates included Dapeng Industrial, Tianrun Technology, and Beiyikang, with rates of 34.03%, 33.20%, and 27.17%, respectively [1]. - The overall trading environment showed a mix of strong performers and underperformers, reflecting varied investor sentiment across different sectors [1].

中信证券股份有限公司 关于 湖南五新隧道智能装备股份有限公司 发行股份及支付现金购买资产并募集 配套资金暨关联交易实施情况 之 独立财务顾问核查意见 独立财务顾问 二〇二五年十二月 1 声明与承诺 中信证券股份有限公司接受湖南五新隧道智能装备股份有限公司委托，担任 湖南五新隧道智能装备股份有限公司发行股份及支付现金购买资产并募集配套 资金暨关联交易之独立财务顾问，并出具本核查意见。本核查意见系依照《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开 发行证券的公司信息披露内容与格式准则第 56 号——北京证券交易所上市公司 重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重 组的监管要求》等法律、法规的有关规定，按照证券行业公认的业务标准、道德 规范和诚实信用、勤勉尽责精神，遵循客观、公正的原则，在认真审阅相关资料 和充分了解本次交易行为的基础上编制而成。 1、本核查意见所依据的文件和材料由本次交易各方提供，提供方对所提供 文件及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、 误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任 ...